Hyperloop One, the project that aims to bring Elon Musk’s vision of a fast transportation system via tunnels and electromagnetically levitated pods to life, has a new name and investor. The project is now officially called Virgin Hyperloop One, thanks to some new money provided by Virgin Group, the company founded by billionaire Richard Branson.
Latest transportation project for Virgin: Branson is no stranger to forming new ventures dedicated to moving people and things around. His Virgin Atlantic airline is his best known company in the transportation industry, but the Virgin Group also operates a railroad company in the UK. Of course, it is also the parent for Virgin Galactic, which hopes to bring space travel to the masses.
The project itself remains on track: In a blog post, Branson said that the current team at the newly rebranded Virgin Hyperloop One will continue to test and develop the concept, which aims to make travel on large land distances go from hours to just minutes with its technology.
Testing continues in Las Vegas: Branson said a recent test of the Hyperloop technology just outside of Las Vegas had a pod go down the 500 meter tunnel distance at a maximum speed of 192 mph. In theory, that means the Hyperloop pod could have traveled from Edinburgh to London, which is just over 400 miles, in just 50 minutes.
Actual investment amount is a secret: Branson did not reveal just how much money Virgin Group is investing in Virgin Hyperloop One, but it sounds like it’s quite a lot. By the way, Elon Musk, who first came up with the idea for the Hyperloop concept, is still not involved in this project.